DoubleVerify Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The following is a summary of changes to the goodwill carrying value from December 31, 2020 through December 31, 2022:


(in thousands)
Goodwill as of December 31, 2020	$	227,349
Business combinations (Meetrics and OpenSlate)		124,179
Foreign exchange impact and other		(968)
Goodwill as of December 31, 2021	$	350,560
Measurement period adjustments		(4,660)
Foreign exchange impact		(2,889)
Goodwill as of December 31, 2022	$	343,011

The following table summarizes the Company’s intangible assets and related accumulated amortization:


	December 31, 2022						December 31, 2021
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
(in thousands)	Amount		Amortization		Amount		Amount		Amortization		Amount
Trademarks and brands	$	11,733	$	(4,294)	$	7,439	$	11,735	$	(3,422)	$	8,313
Customer relationships		145,834		(49,587)		96,247		143,728		(36,831)		106,897
Developed technology		76,677		(44,956)		31,721		72,065		(33,937)		38,128
Non-compete agreements		64		(42)		22		68		(11)		57
Total intangible assets	$	234,308	$	(98,879)	$	135,429	$	227,596	$	(74,201)	$	153,395

Amortization expense related to intangible assets amounted to $25.1 million, $18.8 million, and $17.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Estimated future expected amortization expense of intangible assets as of December 31, 2022, is as follows:


(in thousands)
2023	$	24,792
2024		23,296
2025		21,168
2026		16,076
2027		13,866
2028 and thereafter		36,231
Total	$	135,429

The weighted-average remaining useful life by major asset classes as of December 31, 2022 is as follows:


		(In years)
Trademarks and brands		9
Customer relationships		8
Developed technology		3
Non-compete agreements		1

There were no impairments identified during the years ended December 31, 2022, 2021 and 2020.